Lendlease plans $1 billion Brooklyn, New York build-to-rent project
Lendlease, with backing from Aware Super, has plans for a $1 billion build-to-rent project in New York's Brooklyn.
Lendlease paid $US100 million ($138 million) for its 90 per cent stake in the development project.
It will be about 800 apartments, some 30 percent earmarked for affordable housing under a New York City program.
The property, 1 Java Street, spans a full city block on the Greenpoint waterfront along the East River.
Sold by David Zalaznick’s JZ Capital Partners, it ranks as one of the biggest land purchases in New York City during the pandemic.
The ASX listed global player had signalled it would significantly ramp up its real estate development activities around the world.
It already has major urbanisation projects across the US, including a build-to-rent development also backed by Aware Super in Chicago.
There is also a plan for housing development on Google-held land in Silicon Valley.
It takes its US development pipeline to over $30 billion of current and future projects, Denis Hickey, chief executive for Lendlease’s Americas business advised.
Aware is the rebadged Australian super fund, First State Super.
Lendlease takes control of the Java Street site from London-listed investment house JZ Capital Partners and development vehicle RedSky, which will retain 10 per cent.